Magazine article The CPA Journal

Largent Keynotes First Global Institute for Taxation Conference

Magazine article The CPA Journal

Largent Keynotes First Global Institute for Taxation Conference

Article excerpt

Congressman Steve Largent (R-Okla.) spoke at the tirst conterence of the Global Institute for Taxation (GIFT) sponsored by St. John's University and PricewaterhouseCoopers on October 1 and 2 in New York City. The theme was "Taxation Alternatives for the 21st Century," and participants from around the world spoke with passion and enthusiasm about alternative tax systems and the need for tax reform.

Bccause the House was still in session, Congressman largent spoke from Washington via interactive teleconferencing technology. While not advocating a specific tax system, he promoted the benefits of H.R. 1041, the Date Certain Tax Code Replacement Act of 1999, which he introduced into the House on March 8. Largent, supported by more than 100 of his colleagues, introduced the bill on the 86th anniversary of the modern-day income tax. The bill is intended to force a debate on the need for tax reform and alternative tax systems by teminating the existing tax code on December 31, 2002. Largent expects that the House will pass the bill this Congress, as it had last Congress and, according to Largent, begin the process of "lifting the enormous burden the code places on taxpayers."

"Any alternative system of taxation must eliminate the most onerous taxes in our current system, such as marriage taxes, death taxes. Social Security benefit taxes, and capital gains taxes," Largent said. "It must also give taxpayers a clearer view of the cost of the Federal government, helping to make government more accountable and reduce its size and power. …

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